CSP - Can I get it? Should I get it?

[Anonymous]

Hello, everyone. 

I have some questions for the community.  I am considering applying for the CSP later this fall.  My current score on CK is ~725 and should be increasing once I pay off an approx. 30% utilization on my Chase Southwest card from hitting the sign up bonus spend.  I have 5 Hard INQ on my scores from April-May from acquired the Freedom, Double Cash (and an immediate CLI request), Quicksilver, and Southwest cards.  I was in the 750-770 range with a 12 year old BB&T Platinum Visa and a 1.5 year old Amex BCE prior to these cards.

I am interested in the CSP for the sign up bonus and making it my everyday dining card.  With SWA being my airline of travel, the transfer of points and pairing with Freedom also seems attractive.  Currently, dining goes to my Double Cash.  I was thinking that early November would be a good opportunity for me to have the spending necessary to hit the $4,000 in 3 months on the CSP due to a vacation and the holidays.  

My current allocation is:

$125/month Gas - Freedom (BCE in non 5% quarters)

$150-$200/month Supermarkets - BCE

$200-$250/month Dining Out - Double Cash (probably twice that if you include bars, which I presume code as dining out on CSP?)

minimal Amazon - Double Cash

MGM hotels and Southwest Travel - SW Visa

$90/month Cell - BB&T just to have something hit my oldest line

$75-$100/month Uber - QS

Other - Double Cash

My questions are:

1.  Applying in late Oct/early Nov, would these INQs in April-May result in a likely decline from Chase?

2.  Am I starting to spread myself too thin?  If I app CSP, I'd have Double Cash that I'd only use for haircuts and occasional online shopping really.  And the QS wouldn't get anything other than a small recurring subscription in a year once this Uber deal falls off.

3.  Is there a case to be made for apping CSP and then canceling the Southwest card just before the fee hits?  My normal vacation spot is Vegas, so the MGM hotels pay 2x points and the anniversary bonus essentially offsets the AF, so I'm a bit inclined to keep it since SWA is my normal airline.

Thanks for any advice.

[Anonymous]

I've heard that chase is anal about inquiries, and that anymore than 5 can get you denied. I don't know if it's 5 or more or more than 5, or if it's really true. Keep us updated though, Im also looking to get this card in the near future as a daily driver.

[GoldSorata]

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@Anonymous wrote:

I've heard that chase is anal about inquiries, and that anymore than 5 can get you denied. I don't know if it's 5 or more or more than 5, or if it's really true. Keep us updated though, Im also looking to get this card in the near future as a daily driver.

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From what I've read its not specifically the inquires but new accounts. More than 5 in the previous 2 years is the general consensus.

[Anonymous]

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@GoldSorata wrote:

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@Anonymous wrote:

I've heard that chase is anal about inquiries, and that anymore than 5 can get you denied. I don't know if it's 5 or more or more than 5, or if it's really true. Keep us updated though, Im also looking to get this card in the near future as a daily driver.

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From what I've read its not specifically the inquires but new accounts. More than 5 in the previous 2 years is the general consensus.

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That makes sense, 5 inquiries would be pretty strict. I got a hard pull from opening a penfed banking account, would that count as a new account, even though it's not credit?

[ojefferyo]

If you've gotten more than 5 new accounts within the last 2 years they will automatically deny you for their card and noone can overturn that. This does not apply to their co-branded cards. Chase doesn't seem to sensitive to inquires as many tend to think. 

[Anonymous]

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@Anonymous wrote:

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@GoldSorata wrote:

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@Anonymous wrote:

I've heard that chase is anal about inquiries, and that anymore than 5 can get you denied. I don't know if it's 5 or more or more than 5, or if it's really true. Keep us updated though, Im also looking to get this card in the near future as a daily driver.

---

From what I've read its not specifically the inquires but new accounts. More than 5 in the previous 2 years is the general consensus.

---

That makes sense, 5 inquiries would be pretty strict. I got a hard pull from opening a penfed banking account, would that count as a new account, even though it's not credit?

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No, that does not count as a new account.  This policy of Chase is about new credit card accounts.  If you have more than 5 new ones in the past 24 months, they will not approve you for the CSP, Freedom or Slate.  You still can be approved for their co branded cards.

[Anonymous]

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@ojefferyo wrote:

If you've gotten more than 5 new accounts within the last 2 years they will automatically deny you for their card and noone can overturn that. This does not apply to their co-branded cards. Chase doesn't seem to sensitive to inquires as many tend to think. 

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That is true and also true about many of the credit card companies that everyone seems to think is inquiry sensitive.  Very seldom, if ever, is 'too many inquries' the real reason for a credit card denial.

[GoldSorata]

If the OP is on that line of close to or at hitting that new account limit I'd suggest checking the Chase prequal site. I have a prequal for both the Freedom and the CSP even though I techinically have 6 new accounts in the past 2 years. I'm weighing whether I want to try to app for one but it seems that usually a Chase prequal is a good indication. Though it's always YMMV.

[Anonymous]

I'm definitely sitting right on 5 new accounts in 24 months.

BBT - 12 years old

BCE - becomes 2 years old in mid Nov 2015

Freedom - 3.5 months old

Double Cash - 3 months old

Quicksilver - 2.5 months old

SWA - 1.5 months old

I'll check out the prequal site.  Is it easy to find?

[Anonymous]

I have to be 21 for any prequal offers, correct? I think I saw this on the capone site. I don't have any offers anywhere, I turn 21 in October unfortunately.